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Newsletter - Consumer Duty Board Reports and more

Newsletter - Consumer Duty Board Reports and more

CONSUMER DUTY BOARD REPORTS AND MORE



 

NEWSLETTER – APRIL 2024


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HOW IS YOUR BOARD REPORT PROGRESSING?

The end of a tax year is a busy time for many firms and, with that behind us, now is a good time to check that plans are in place to meet an important FCA deadline that’s new to all us this year: firms must produce their first annual Consumer Duty Board Report by 31 July 2024.

 

Those three months will go quickly and it’s essential to understand what’s required, schedule the necessary work and ensure resources (internal or external) are in place to achieve the timescales.

 

This Consumer Duty guide includes five tips to help you prepare and, later this month, we'll publish a Good Practice Guide to the Consumer Duty Board Reporting with input from various expert sources, including Alliance Affiliate, Kroll. We’ll also be hosting a Consumer Duty Board Report webinar in May, and proportionality means this will be very relevant to firms of all sizes - watch this space!

 

We continue to liaise with the FCA on a variety of topics and we’re also helping them get more direct exposure to practitioners, the first instance of this is a senior team presenting at The Investment Network’s distribution event this week.

 

You may have noticed that the New Talent Alliance launched towards end of March. It generated a lot of media interest and enquiries from others in the sector wanting to find out more or offer to be involved. Things are moving quickly and I was delighted to attend the first Steering Group meeting on 9 April. Chaired by Tom Hegarty, and supported by LIBF as Secretariat, the team discussed the forum’s objectives, strategies, and action plans for the future with support for small firms a priority.


Alliance webinars continue to prove very popular. The most recent Technology Forum looked at how technology can help to demonstrate ongoing service and advice, almost 250 people registered and a recording will be available shortly. 

 

Our next Consumer Duty Champions’ Forum, on Thursday 2 May, looks at the Duty's consumer understanding and consumer support outcomes. Attendees will learn how Hargreaves Lansdown approach these requirements, and discover how behavioural science insights can help you achieve and evidence consumer understanding.  

 

Lastly, a reminder about the Consumer Duty Leadership Awards. There are eight categories to choose from and the deadline for applications is 31 May 2024. I’m pleased to be on the judging panel and encourage all Alliance members to consider making an application.

 

To be reorganised as a true profession - united we succeed, divided we fail!


Very best wishes,

 

Keith Richards, CEO, Consumer Duty Alliance and Chairman, Financial Vulnerability Taskforce


 

Of Consumer Duty's four outcomes, the consumer understanding and consumer support requirements have received much less focus than those relating to product and service design, and fair value.

 

This new webinar addresses the imbalance and aims to help firms determine what good looks like and benchmark whether their approach is up to scratch. 


Join Michael Lawrence and his expert guests to understand:

  • How behavioural science insights can help you achieve and evidence consumer understanding
  • The fundamentals of good customer journey design
  • Practical steps firms can take to help support their customers. 

Find out more and book your space now.


New handbook - Divorce in later life

 

Legal & General Retail has launched a handbook to help advisers support clients going through divorce in later life and drive fairer financial outcomes for separating couples when dividing assets, such as pensions and property.

 

The guide is available as a free download from Legal & General’s new Divorce Hub webpage, which also includes their latest webinar, ‘Later life divorce – a roadmap for advisers’, and a ‘Just Covered’ divorce special podcast.


New webinar - What to expect from the last year of the FCA strategy? 

 

According to their latest Business Plan, Consumer Duty remains high on the agenda, with some initiatives like the Advice Guidance Boundary Review getting additional focus.


Join SicSic Advisory for a virtual morning coffee to discuss the key topics of the Business Plan, the main 2024 regulatory events and their forecast.

 

Find out more and book your space.


New platform helps advisers meet regulatory obligations


My Care Hub is the independent one-stop-shop for care advice, for your clients and their family members.

 

Designed by MyCareConsultant, the hub supports your clients through their full care journey, with clear, layered guidance, while at the same time supporting you with your approach to Vulnerability and Consumer Duty.

 

Find out more.


Consumer Duty Leadership Awards

 

These awards recognise and celebrate firms that demonstrate exceptional leadership, innovation, and commitment to delivering good outcomes for their customers.


There are eight categories and entrants can apply for one or two.

 

Applications close on 31 May 2024 and results will be announced at a special awards ceremony in late June at London's Oxford and Cambridge Club. Find out more.


“Artificial Intelligence in Financial Advice” conference

 

The new event is designed to help advice firms understand how AI technology can deliver enhancements and efficiencies to their businesses.


Join AdviserSoftware.com on 10 July 2024 for an event that includes up to 24 software vendors competing in a “Battle of the Tech”, and plenary sessions addressing:

  • The role of AI in client onboarding
  • How AI can help adviser compliance
  • Demonstrating ongoing advice using AI & related technologies

Find out more.


ARE YOU DISPLAYING YOUR ALLIANCE DIGITAL BADGE?

 

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© 2024 The Consumer Duty Alliance.